Michael Kors Profit and Revenue Soared

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Michael Kors Profit and Revenue Soared

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Michael Kors Holdings Ltd reported a better-than- expected 40 percent jump in quarterly revenue due to strong demand for its trendy handbags and watches, and said it planned to open about 100 retail stores in 2014.

Shares of the luxury U.S. fashion label company rose 5 percent in early trading on Tuesday. Signs of economic recovery in the United States and Europe have increased demand for affordable luxury items. Men are also spending more on luxury, encouraging companies to step up investments.

Reporting by Aditi Shrivastava, REUTERS.

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